Sensorium Launches Wakatta -- A Polkadot-compatible Blockchain For Creating Upgradable NFTs

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Oct 07, 2021, 10:00 ET

ZUG, Switzerland, Oct. 7, 2021 /PRNewswire/ -- Sensorium DLT, a division of the technology company behind the Sensorium Galaxy metaverse, announced the development of Wakatta — a new blockchain that will serve the needs of the broad entertainment industry through innovative NFT types and a set of growth-oriented business solutions.

Wakatta - NFT-focused blockchain for the entertainment industry

"As pioneers in bridging real-world, high-quality entertainment with the broad opportunities of extended reality, we clearly understand the importance of enhancing virtual and creator economies to create more lively and fair digital experiences for everyone. Wakatta is our contribution to the ever-evolving entertainment industry. We want to help businesses and artists realize their full potential and meet their growth goals faster. And to make it possible, we are providing them with powerful, brand new NFT types on top of a first-class network", says Alex Blagirev, Sensorium Deputy CEO and Wakatta's Project Lead.

Wakatta brings to market novel NFT types — upgradable, time-limited, and non-hashed. Each of these token classes has been carefully engineered to unleash exciting applications in both digital and real-life environments.

As its name suggests, upgradable NFTs are capable of mutating over time. Visual artists can make use of these tokens to legitimately use other artists' artworks as the basis for their own, while original producers retain control over spin-off creations. Musicians can also simplify the process of co-creating tracks with others, giving total or partial access to their NFT-protected content to be overwritten or utilized on other compositions. In a similar manner, fashion houses could use upgradable NFTs for collabs when it comes to digital collections, now trending in the metaverse space.

Sensorium Galaxy, a high-quality entertainment metaverse, will be Wakatta's first major integration. As of now, the alternate universe plans to use its Ethereum-based SENSO token to fuel its virtual economy, allowing users to pay for in-platform transactions, mint virtual beings as NFTs, and benefit from their AI-powered creations through a transparent metaverse marketplace. With an impressive lineup of world-famous artists like David Guetta, Carl Cox, and Armin van Buuren, and more, the metaverse plans to migrate to Wakatta infrastructure within the first half of 2022 to guarantee a better user experience and scalability.

"Successfully onboarding millions of users into the metaverse will heavily depend on content quality, accessibility, but also user experience. With NFT mechanics deeply integrated into the Sensorium Galaxy virtual economy, we simply can't rely on a network that charges users over $100 in minting fees and is regularly congested. That's why we intend to migrate to Wakatta — a solution with fees as low as $0.001 per transaction and capable of handling thousands of transactions per second", Blagirev explains.

For developers of all-digital environments, time-limited NFTs by Wakatta stand as a valuable, additional gamification tool that can positively impact user engagement. With this type of NFTs, event organizers could tokenize tickets and enhance them with advanced access and expiry settings, allow attendees to exchange them in the secondary market freely, or keep them as collectibles featuring certain rarity levels. Another promising application of these tokens concerns games and metaverses, where in-game assets could be tied to specific timeframes.

Non-hashed NFTs are an absolutely new twist on this technology. These tokens make it easy for issuers to save text details right on the smart contract without the need to write a single line of code.

Wakatta is developed using the Substrate technology framework, the same that powers the Polkadot ecosystem. It is built for businesses and creators. The network will be equipped with features that make it highly convenient for non-crypto savvy players to integrate it into their existing structures for customized solutions or take advantage of its robust NFT types through a proprietary minting platform.

"Businesses, artists, musicians shouldn't be worried about the complex process of connecting their products and services to the blockchain. With Wakatta, we will be providing ultra-fast integration, SDK for developers, as well as around-the-clock support from our team to ensure blockchain is all benefits and no headaches", highlighted Wakatta CTO Sergey Drozdkov.

Aside from its unique set of new NFT types, Wakatta will deliver additional growth-focused features such as Ethereum Virtual Machine compatibility, on-chain NFT auctions, multi-role assignments for Dapps, customizable onboarding mechanics for digital environments, algorithmic incentives for validators, among many others.

The Incentivized Testnet launch is scheduled for November 2021.

About Wakatta

Wakatta is an NFT-focused blockchain for the entertainment industry pioneering new types of non-fungible tokens: upgradable, time-limited, and non-hashed NFTs. From securing digital identities to facilitating creative collaborations, these tools unlock new possibilities for gaming, sports, fashion, art, and luxury companies.

Wakatta is now working with top-tier partners to showcase the potential of its technology. The incentive testnet launch is scheduled for November 2021.

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About Sensorium

Founded in 2018 with the sole support of Forbes-listed billionaire Mikhail Prokhorov, Sensorium Corporation oversees the technological and business development of Sensorium Galaxy's digital metaverse and powers it with a wide range of events and experiences through top-tier global content and technology partnerships.

Since its foundation, Sensorium Corporation has raised over $100 million in private investments, making it one of the world's best-funded startups in the VR space.

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SOURCE Sensorium Corporation